Residential Purchase Agreement Mn

October 5, 2021

In Minnesota, sellers must enter into a real estate purchase agreement and the following disclosure statement for the sale to be considered legally binding: Residential real estate purchase agreements typically contain promises and provisions guaranteeing the condition of a property. Many states require sellers to disclose certain information about the condition of a property. In states where this is necessary and where a seller intentionally conceals such information, they can be prosecuted for fraud. A seller or buyer to whom notice is served may commence proceedings under section 559.211 for an injunction from the court to stay the termination of a contract of sale in accordance with this section and, as part of the proceedings, the court may pay the court costs, legal fees and service fees actually spent on the winning party in the amount of US$3,000; of another. Either the buyer or the seller may terminate a contract for the sale of residential real estate in accordance with this section. The Minnesota Residential Real Estate Purchase Agreement (“Residential Purchase and Sale Agreement”) is a contract that is designed to legally formalize the sale of residential real estate. . . .